Artificial intelligence (AI) is causing widespread change across the whole of society, and the Group Insurance sector is no exception. The good news is that the latest AI innovations stand to benefit employers and employees alike, by increasing efficiency, lowering costs and improving insights and efficiencies. Read on as we outline 5 key applications of AI altering the group insurance landscape in 2024, and how this rising tide is helping to raise all boats.1. Simplifying administrationThanks to AI, managing group plans is becoming much less of an administrative burden on employers and HR teams. AI is enabling companies to simplify cumbersome reporting, compliance, billing and other responsibilities. Chatbots can handle common inquiries from staff. And process automation can streamline mundane tasks such as sending eligibility updates to insurers. Additionally, AI can capture and parse forms, invoices, and other documents required across group insurance — saving substantial manual effort. All this is helping to keep costs down, and allowing HR departments to deliver better insurance benefits for less.2. Providing invaluable health insightsIn 2024, group insurance plans are increasingly going hand-in-hand with employee health and wellness programs. It's about prevention being better than a cure, helping to keep premiums down over time. Now AI is enabling these programs to become far more effective — as long as the insurer is savvy enough to take advantage. By providing access to insights, industry benchmarks and risk profiling, there are lots of developments around automated dashboards and analytics that are helping HR leaders predict and prevent risk, overall creating healthier workforces in the long run. 3. Accelerating underwriting and enrolment Applying for and renewing group policies traditionally involved lengthy paper applications, medical questionnaires and convoluted underwriting procedures. But AI is increasingly helping to automate these manual components and modernize processes for HR teams and group members alike. Typically, AI chatbots expedite information collection. Algorithms then ingest volumes of structured and unstructured data to instantly evaluate risks and eligibility for various coverages, rather than relying on human estimates. This approach slashes underwriting and renewal cycle times while still allowing for prudent, human decision-making. 4. More personalized insurance policiesAI enables insurers to tailor their group insurance products to the specific needs and preferences of different customer segments. By analyzing demographic data, lifestyle patterns and behavioral insights, AI algorithms can identify emerging trends and anticipate evolving customer demands. This enables insurers to design customized insurance packages with flexible coverage options, premium rates, and value-added services. Moreover, AI-powered recommendation engines can suggest relevant insurance products to groups based on their characteristics and risk profiles, enhancing cross-selling opportunities and boosting customer satisfaction.5. Curbing fraudulent group claimsFraud and abuse of Life Insurance, Dental Insurance and Vision Insurance have the unfortunate effect of raising prices across the board. So, anything that can help reduce this criminal activity has to be welcome.Thankfully, AI is well placed for detecting fraudulent claims at scale, with a high degree of accuracy. Typically, unsupervised anomaly detection models learn normal claim patterns. Outlier claims raising flags undergo review, while suspected fraud cases are escalated to specialized human investigators. With so many moving parts across group plans, AI assimilation of subtle clues within complex information catches way more fraud than humans auditing claims. This curbs unnecessary payouts from group insurance funds and keeps costs down for everyone concerned.The transformative impact of artificial intelligence on the group insurance industry is undeniable. AI is revolutionizing administrative processes, providing invaluable health insights, accelerating underwriting and enrolment procedures, personalizing insurance policies, and curbing fraudulent claims. These advancements not only streamline operations for insurers but also enhance the quality and accessibility of insurance services for employers and employees alike.As we look ahead, the continued integration of AI technologies promises to further transform the group insurance sector, fostering innovation, efficiency, and customer-centricity. If employers and insurers want to stay competitive, adapt to evolving market trends, and deliver superior outcomes for all stakeholders involved — they have to embrace these technological advancements with open arms. About YuLife.YuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioral science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance program, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.